All Forum Posts by: Pamela Booker

Thank you, Michael, for taking the time to reply to me. Wish you were closer to OKC.....could use a good accountant!!! Will take your advice of setting aside the one-third. Best Wishes to you and if your a father......here's wishing you a wonderful father's day, as well.

Okay. I should have researched what has already been discussed in regards to 1031's. Now that I realize "flips" are not eligible, if I have a paid for property and make 40,000 profit within a year of buying the property, what are the tax liabilities.....I'm assuming much higher, but I pay taxes on the net profit, post renovation costs; correct?

thanks for any help, Pamela

If I sell my renovated bungalow inside a year of purchase, it's my understanding the 1031 exchange allows me to avoid high tax on the profit made due to the fact that the profit will be immediately invested in my next property??? Also, I have about a month of more renovation and will be flipping the property.... so when do a do a 1031...I'm supposing it's when a sell the home??? Need some advice. Thanks so much